BLACKSTONE'S CASH EARNINGS DROP AS RATES BITE

Blackstone's distributable earnings, the measure that funds its dividend, fell 9.2% year-over-year to $1.72 billion in the third quarter. Assets under management kept climbing anyway, up 10% to a record $1.37 trillion. The split shows higher rates are slowing the exits and asset sales that turn committed capital into cash, even as the fee base grows regardless. $BX is collecting fees on a bigger pool of money it still can't easily cash out.